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Broadridge Reports Second Quarter Fiscal Year 2013 Results

Reaffirms Full Year Guidance

LAKE SUCCESS, NY -- (Marketwire) -- 02/07/13 -- Broadridge Financial Solutions, Inc. (NYSE: BR) today reported financial results for the second quarter of its fiscal year 2013. For the three months ended December 31, 2012, the Company reported revenues of $493 million, GAAP net earnings from continuing operations of $16 million, Non-GAAP net earnings from continuing operations of $22 million, GAAP diluted earnings per share from continuing operations of $0.13 and Non-GAAP diluted earnings per share from continuing operations of $0.17. This compares with revenues of $480 million, GAAP net earnings from continuing operations of $7 million, Non-GAAP net earnings from continuing operations of $19 million, GAAP diluted earnings per share from continuing operations of $0.05 and Non-GAAP diluted earnings per share from continuing operations of $0.15 for the comparable quarter of the previous fiscal year.

Our fiscal year 2013 Non-GAAP results exclude the impact of Acquisition Amortization and Other Costs and restructuring charges. In addition, our fiscal year 2012 Non-GAAP results exclude the impact of Acquisition Amortization and Other Costs, an impairment charge, and IBM Migration costs. The significant Non-GAAP adjustments to our results are described in more detail below.

Commenting on the results, Richard J. Daly, Chief Executive Officer, said, "Overall, I am satisfied with our second quarter results. For the quarter, our recurring revenues grew 3% in an ongoing challenging market environment. Although our sales pipeline is as strong as ever, I am not satisfied with our year-to-date recurring revenue closed sales results which were down approximately 45% compared with last year. This is primarily due to a longer than anticipated sales cycle for pending transactions with revenue greater than $5 million. During the first half of the year, we did not close any sales with revenue greater than $5 million, compared to the same period last year when we closed $22 million of such large sales." He continued, "Due to the seasonal nature of our business, the first half of the fiscal year generally contributes less than 20% to our annual earnings results." Mr. Daly concluded, "We expect to achieve our full year guidance as a result of our strong sales pipeline including the large pending sales, 99% client revenue retention rate, the leading market position our brand and products enjoy, and our continued commitment to drive cost efficiencies through the organization. With the long and difficult exit from the Clearing business behind us and event-driven revenues stabilized near their historical lows, moving forward, we are highly confident that our clear and executable strategy will create shareholder value across both our business segments."

Financial Results for Second Quarter Fiscal Year 2013

For the second quarter of fiscal year 2013, revenues increased 3% to $493 million, compared to $480 million for the comparable period last year. The increase was driven by a positive contribution from recurring fee revenues of approximately $9 million including net new business (defined as closed sales less client losses) and higher distribution revenues of $3 million. GAAP pre-tax margins from continuing operations of 5.0% increased compared to 2.2% for the same period last year primarily due to the impact of the $10 million impairment charge on the Penson Worldwide, Inc. ("Penson") common stock and $4 million of IBM Migration costs in the prior year. Non-GAAP pre-tax margins from continuing operations were 6.9% compared to 6.3% for the same period last year.

For the second quarter of fiscal year 2013, GAAP net earnings from continuing operations of $16 million increased 132%, compared to $7 million for the same period last year, primarily due to the impact of the aforementioned Penson impairment charge and IBM Migration costs in the prior year. Non-GAAP net earnings from continuing operations were $22 million. GAAP diluted earnings per share from continuing operations increased to $0.13 per share, compared to $0.05 per share in the second quarter of fiscal year 2012. Non-GAAP diluted earnings per share from continuing operations were $0.17 compared to $0.15 in the second quarter of fiscal year 2012. The Penson impairment charge and IBM Migration costs decreased GAAP diluted earnings per share by $0.05 and $0.02, respectively in the prior year.

Analysis of Second Quarter Fiscal Year 2013

Investor Communication Solutions

Revenues for the Investor Communication Solutions segment increased $10 million, or 3%, to $327 million in the second quarter of fiscal year 2013 compared to the second quarter of fiscal year 2012. Higher recurring fee revenues contributed $7 million and higher distribution revenues contributed $3 million. The positive contribution from recurring fee revenues was driven primarily by net new business and internal growth. Operating margin increased by 1.7 percentage points to 5.0% as a result of higher recurring revenues and cost containment efforts.

Securities Processing Solutions

Revenues for the Securities Processing Solutions segment increased $3 million, or 2%, to $164 million in the second quarter of fiscal year 2013 compared to the second quarter of fiscal year 2012. The increase was driven by net new business offset by lower trade volumes and the decline in revenues resulting from the new outsourcing services contract with Apex Clearing Corporation ("Apex") replacing the terminated outsourcing services contract with Penson. Operating margin decreased, as expected, by 0.3 percentage points to 12.2% as a result of revenue mix.

Other

Pre-tax loss from continuing operations decreased by $8 million in the second quarter of fiscal year 2013, primarily due to the Penson impairment charge of $10 million in the same period last year.

Financial Results for Year-to-Date Fiscal Year 2013

For the six months ended December 31, 2012, revenues increased $33 million, or 3%, to $989 million, compared to $956 million for the comparable period last year. The increase was driven by a positive contribution from recurring fee revenues of approximately $19 million including net new business, acquisitions, higher distribution revenues of $11 million and higher event-driven fee revenues of $5 million. GAAP pre-tax margins from continuing operations of 5.4% improved compared to 3.8% for the same period last year as a result of the $10 million Penson impairment charge and $7 million of IBM Migration costs in the same period last year. Non-GAAP pre-tax margins from continuing operations were 7.0% compared to 6.9% in the same period last year.

For the six months ended December 31, 2012, GAAP net earnings from continuing operations of $34 million increased 45% compared to $24 million in the comparable period last year. Non-GAAP net earnings from continuing operations were $44 million compared to $42 million in the comparable period last year. GAAP diluted earnings per share from continuing operations increased to $0.27 per share compared to $0.19 per share for the comparable period last year. Non-GAAP diluted earnings per share from continuing operations were $0.35 per share compared to $0.33 per share for the comparable period last year. The Penson impairment charge and IBM Migration costs decreased GAAP diluted earnings per share by $0.05 and $0.03, respectively in the same period last year.

During the first six months of fiscal year 2013, our recurring revenue closed sales of $34 million decreased 45% from last year's comparable period. Free cash flow was $55 million. In addition, the Company repurchased approximately 3.9 million shares of Broadridge common stock under its stock repurchase plan at an average price of approximately $23.44 per share, and there remain approximately 5.9 million shares available for purchase under the stock repurchase plan as of December 31, 2012.

Fiscal Year 2013 Financial Guidance

We are reaffirming our full year guidance. We anticipate recurring revenue growth in the range of 4% to 7% and total revenue growth in the range of 3% to 4%, GAAP earnings from continuing operations before income taxes margins in the range of 13.8% to 14.4%, and Non-GAAP earnings from continuing operations before income taxes margins in the range of 15.1% to 15.7%.

We anticipate GAAP diluted earnings per share from continuing operations in the range of $1.60 to $1.70, and Non-GAAP diluted earnings per share from continuing operations in the range of $1.76 to $1.86, based on diluted weighted-average shares outstanding of approximately 128 million shares. Our free cash flow is expected to be in the range of approximately $200 million to $250 million. Our recurring revenue closed sales are expected to be in the range of $110 million to $150 million.

The Non-GAAP earnings margins guidance range excludes the projected impact of Acquisition Amortization and Other Costs and restructuring charges. The Non-GAAP pre-tax earnings margins and diluted earnings per share guidance ranges increased from the guidance we provided in August 2012 as a result of the exclusion of the impact of Acquisition Amortization and Other Costs which was not excluded in the guidance we provided in August 2012. Our guidance does not take into consideration the effect of any future acquisitions, additional debt or share repurchases.

Description of Non-GAAP Adjustments:

Non-GAAP Measures

In certain circumstances, results have been presented that are not generally accepted accounting principles measures ("Non-GAAP") and should be viewed in addition to, and not as a substitute for, the Company's reported results. Net earnings, diluted earnings per share and pre-tax earnings margins excluding Acquisition Amortization and Other Costs, Restructuring and Impairment Charges and IBM Migration costs are Non-GAAP measures. These measures are adjusted to exclude costs incurred by the Company in connection with amortization and other charges associated with the Company's acquisitions, the termination of the Outsourcing Services Agreement with Penson and the migration of its data center to IBM, as Broadridge believes this information helps investors understand the effect of these items on reported results and provides a better representation of our actual performance. Free cash flow is a Non-GAAP measure and is defined as cash flow from operating activities, less capital expenditures and purchases of intangibles. Management believes this Non-GAAP measure provides investors with a more complete understanding of Broadridge's underlying operational results. These Non-GAAP measures are indicators that management uses to provide additional meaningful comparisons between current results and prior reported results, and as a basis for planning and forecasting for future periods. Accompanying this release is a reconciliation of Non-GAAP measures to the comparable GAAP measures.

Acquisition Amortization and Other Costs

Acquisition Amortization and Other Costs represents amortization charges associated with intangible asset values as well as other deal costs associated with the Company's acquisitions. Our Non-GAAP results exclude the impact of the costs the Company incurred in connection with acquisitions. The Acquisition Amortization and Other Costs are recorded in our Cost of revenues in the Condensed Consolidated Statements of Earnings for the three and six months ended December 31, 2012 and 2011, respectively.

Restructuring and Impairment Charges

For the three and six months ended December 31, 2012, there were $4 million in pre-tax charges primarily related to restructuring charges as a result of the termination of the Outsourcing Services Agreement with Penson. These charges are recorded in our Other segment and Cost of revenues in the Condensed Consolidated Statements of Earnings for the three and six months ended December 31, 2012.

In fiscal year 2012, Broadridge reviewed its investment in the Penson common stock for impairment during the second fiscal quarter ended December 31, 2011. Based on the Company's review, factoring in the level of decline in the fair value of the Penson common stock, management determined that the market value of the Penson common stock would not equal or exceed the cost basis of its investment within a reasonable period of time. After consideration of the severity and duration of this decline in fair value as well as the reasons for the decline in value, the Company recorded an other-than-temporary impairment charge of $10 million in the Other segment in the Condensed Consolidated Statements of Earnings at December 31, 2011, and established a new cost basis for this investment.

IBM Migration Costs

In March 2010, Broadridge entered into an Information Technology Services Agreement with International Business Machines ("IBM") under which IBM provides us with certain aspects of our information technology infrastructure. Our fiscal year 2012 Non-GAAP results exclude the impact of the costs the Company incurred in connection with the migration of our data center to IBM (the "Migration"). The Migration costs are recorded in our Other segment and Cost of revenues in the Condensed Consolidated Statements of Earnings for the six months ended December 31, 2011. The more significant mainframe Migration was successfully completed at the end of our 2012 fiscal year resulting in a pre-tax charge of $25 million.

Earnings Conference Call

An analyst conference call will be held today, Thursday, February 7th at 8:30 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the webcast and view the slide presentation, go to www.broadridge-ir.com and click on the webcast icon. The presentation will also be available to download and print approximately one hour before the webcast. Broadridge's news releases, current financial information, SEC filings and Investor Relations presentations are accessible on the same website.

About Broadridge

Broadridge Financial Solutions, Inc. (NYSE: BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge's investor communications, securities processing and operations outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than $4.5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,200 full-time associates in 13 countries. For more information about Broadridge, please visit www.broadridge.com.

Forward-Looking Statements

This press release and other written or oral statements made from time to time by representatives of Broadridge may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words like "expects," "assumes," "projects," "anticipates," "estimates," "we believe," "could be" and other words of similar meaning, are forward-looking statements. In particular, information appearing in the "Fiscal Year 2013 Financial Guidance" section are forward-looking statements. These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors discussed in Part I, "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended June 30, 2012 (the "2012 Annual Report"), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2012 Annual Report. These risks include: the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients; Broadridge's reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge's services with favorable pricing terms; changes in laws and regulations affecting the investor communication services provided by Broadridge; declines in participation and activity in the securities markets; overall market and economic conditions and their impact on the securities markets; any material breach of Broadridge security affecting its clients' customer information; the failure of Broadridge's outsourced data center services provider to provide the anticipated levels of service; any significant slowdown or failure of Broadridge's systems or error in the performance of Broadridge's services; Broadridge's failure to keep pace with changes in technology and demands of its clients; Broadridge's ability to attract and retain key personnel; the impact of new acquisitions and divestitures; and competitive conditions. Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.


                    Broadridge Financial Solutions, Inc.
                Condensed Consolidated Statements of Earnings
                   (In millions, except per share amounts)
                                 (Unaudited)

                                        Three Months         Six Months
                                      Ended December 31,  Ended December 31,
                                        2012      2011      2012      2011
                                     --------- --------- --------- ---------
Revenues                             $   493.2 $   479.8 $   989.0 $   956.2
                                     --------- --------- --------- ---------


Cost of revenues                         387.6     382.6     777.6     765.4
Selling, general and administrative
 expenses                                 77.2      73.5     150.1     138.2
Impairment charge                           --       9.7        --       9.7
Other expenses, net                        3.7       3.4       8.0       6.1
                                     --------- --------- --------- ---------
  Total expenses                         468.5     469.2     935.7     919.4
                                     --------- --------- --------- ---------

Earnings from continuing operations
 before income taxes                      24.7      10.6      53.3      36.8
Provision for income taxes                 8.9       3.8      19.2      13.3
                                     --------- --------- --------- ---------
Net earnings from continuing
 operations                               15.8       6.8      34.1      23.5
Loss from discontinued operations,
 net of tax benefit                         --        --        --        --
                                     --------- --------- --------- ---------
Net earnings                         $    15.8 $     6.8 $    34.1 $    23.5
                                     ========= ========= ========= =========

Basic Earnings per share:
Basic earnings per share from
 continuing operations               $    0.13 $    0.05 $    0.28 $    0.19
Basic loss per share from
 discontinued operations                    --        --        --        --
                                     --------- --------- --------- ---------
Basic earnings per share             $    0.13 $    0.05 $    0.28 $    0.19
                                     ========= ========= ========= =========

Diluted earnings per share:Diluted
 earnings per share from continuing
 operations                          $    0.13 $    0.05 $    0.27 $    0.19
Diluted loss per share from
 discontinued operations                    --        --        --        --
                                     --------- --------- --------- ---------
Diluted earnings per share           $    0.13 $    0.05 $    0.27 $    0.19
                                     ========= ========= ========= =========


Weighted-average shares outstanding:
  Basic                                  122.0     123.7     123.0     123.7
  Diluted                                125.5     127.2     126.3     126.9

Dividends declared per common share  $    0.18 $    0.16 $    0.36 $    0.32



                    Broadridge Financial Solutions, Inc.
                   Condensed Consolidated Balance Sheets
                  (In millions, except per share amounts)
                                (Unaudited)

                                                 December 31,    June 30,
                                                     2012          2012
                                                 ------------  ------------
Assets
Current assets:
  Cash and cash equivalents                      $      259.1  $      320.5
  Accounts receivable, net of allowance for
   doubtful accounts of $5.1 and $6.5,
   respectively                                         305.2         370.7
  Other current assets                                   89.3          86.2
                                                 ------------  ------------
    Total current assets                                653.6         777.4
Property, plant and equipment, net                       76.5          79.0
Goodwill                                                782.6         780.0
Intangible assets, net                                  126.8         143.3
Other non-current assets                                216.7         207.9
                                                 ------------  ------------
      Total assets                               $    1,856.2  $    1,987.6
                                                 ============  ============

Liabilities and Stockholders' Equity
Current liabilities:
  Accounts payable                               $       97.7  $      102.2
  Accrued expenses and other current liabilities        198.3         260.6
  Deferred revenues                                      48.4          47.5
                                                 ------------  ------------
    Total current liabilities                           344.4         410.3
Long-term debt                                          524.4         524.4
Deferred taxes                                           56.3          63.2
Deferred revenues                                        41.7          38.3
Other non-current liabilities                           106.0         100.9
                                                 ------------  ------------
      Total liabilities                               1,072.8       1,137.1
                                                 ------------  ------------

Commitments and contingencies

Stockholders' equity:
  Preferred stock: Authorized, 25.0 shares;
   issued and outstanding, none                            --            --
  Common stock, $0.01 par value: Authorized,
   650.0 shares; issued, 153.8 shares and 152.9
   shares, respectively; outstanding, 121.8 and
   124.8 shares, respectively                             1.5           1.5
  Additional paid-in capital                            769.1         739.4
  Retained earnings                                     676.3         686.1
  Treasury stock: at cost, 32.0 and 28.1 shares,
   respectively                                        (672.7)       (580.0)
  Accumulated other comprehensive income                  9.2           3.5
                                                 ------------  ------------
    Total stockholders' equity                          783.4         850.5
                                                 ------------  ------------

      Total liabilities and stockholders' equity $    1,856.2  $    1,987.6
                                                 ============  ============


                    Broadridge Financial Solutions, Inc.
                               Segment Results
                                (In millions)
                                 (Unaudited)

                                                     Revenues
                                     ---------------------------------------
                                         Three Months         Six Months
                                      Ended December 31,  Ended December 31,
                                     ------------------- -------------------
                                        2012      2011      2012      2011
                                     --------- --------- --------- ---------
Investor Communication Solutions     $   326.8 $   316.8 $   666.3 $   629.8
Securities Processing Solutions          163.8     161.1     317.7     319.5
Other                                       --       0.1        --       0.1
Foreign currency exchange                  2.6       1.8       5.0       6.8
                                     --------- --------- --------- ---------
  Total                              $   493.2 $   479.8 $   989.0 $   956.2
                                     ========= ========= ========= =========


                                 Earnings (Loss) from Continuing Operations
                                             before Income Taxes
                                 ------------------------------------------
                                     Three Months           Six Months
                                  Ended December 31,    Ended December 31,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Investor Communication Solutions $    16.5  $    10.6  $    43.7  $    19.0
Securities Processing Solutions       20.0       20.2       29.4       48.0
Other                                (15.1)     (22.7)     (27.0)     (35.6)
Foreign currency exchange              3.3        2.5        7.2        5.4
                                 ---------  ---------  ---------  ---------
  Total                          $    24.7  $    10.6  $    53.3  $    36.8
                                 =========  =========  =========  =========


                    Broadridge Financial Solutions, Inc.
                Reconciliation of Non-GAAP to GAAP Measures
                  (In millions, except per share amounts)

                                 Earnings from Continuing Operations before
                                                Income Taxes
                                 ------------------------------------------
                                     Three Months           Six Months
                                  Ended December 31,    Ended December 31,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Adjusted Earnings from
 Continuing Operations before
 Income Taxes (Non-GAAP)         $    34.1  $    30.4  $    68.9  $    66.1
Acquisition Amortization and
 Other Costs                          (5.8)      (6.4)     (11.3)     (12.7)
Restructuring and Impairment
 Charges                              (3.6)      (9.7)      (4.3)      (9.7)
IBM Migration Costs                     --       (3.7)        --       (6.9)
                                 ---------  ---------  ---------  ---------
Earnings from Continuing
 Operations before Income Taxes
 (GAAP)                          $    24.7  $    10.6     $ 53.3  $    36.8
                                 =========  =========  =========  =========
Pre-tax Margins (Non-GAAP)             6.9%       6.3%       7.0%       6.9%
Pre-tax Margins (GAAP)                 5.0%       2.2%       5.4%       3.8%


                                   Net Earnings from Continuing Operations
                                 ------------------------------------------
                                     Three Months           Six Months
                                  Ended December 31,    Ended December 31,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Adjusted Net Earnings from
 Continuing Operations (Non-
 GAAP)                           $    21.8  $    19.4  $    44.1  $    42.2
Acquisition Amortization and
 Other Costs, net of taxes            (3.7)      (4.0)      (7.2)      (8.1)
Restructuring and Impairment
 Charges, net of taxes                (2.3)      (6.2)      (2.8)      (6.2)
IBM Migration Costs, net of
 taxes                                  --       (2.4)        --       (4.4)
                                 ---------  ---------  ---------  ---------
Net Earnings from Continuing
 Operations (GAAP)               $    15.8  $     6.8  $    34.1  $    23.5
                                 =========  =========  =========  =========


                                 Diluted Earnings Per Share from Continuing
                                                 Operations
                                 ------------------------------------------
                                     Three Months            Six Months
                                    Ended June 30,      Ended December 31,
                                 --------------------  --------------------
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
Adjusted Diluted Earnings Per
 Share from Continuing
 Operations (Non-GAAP)           $    0.17  $    0.15  $    0.35  $    0.33
Acquisition Amortization and
 Other Costs, net of taxes           (0.03)     (0.03)     (0.06)     (0.06)
Restructuring and Impairment
 Charges, net of taxes               (0.01)     (0.05)     (0.02)     (0.05)
IBM Migration Costs, net of
 taxes                                  --      (0.02)        --      (0.03)
                                 ---------  ---------  ---------  ---------
Diluted Earnings Per Share from
 Continuing Operations (GAAP)    $    0.13  $    0.05  $    0.27  $    0.19
                                 =========  =========  =========  =========



                    Broadridge Financial Solutions, Inc.
                 Reconciliation of Non-GAAP to GAAP Measures
               EBIT from Continuing Operations Reconciliation
                                (In millions)

                                                 Q2 YTD         FY13
                                                  FY13      Guidance Range

                                                 Actual     Low       High
                                               --------- --------- ---------
EBIT (Non-GAAP)                                $   65    $   353   $   377
                                               ========= ========= =========
  EBIT Margins (Non-GAAP)                         6.6%      14.9%     15.7%
                                               ========= ========= =========
  Acquisition Amortization and Other Costs         11        22        22
  Interest and Other                               (7)      (17)      (21)
                                               --------- --------- ---------
Total EBT (Non-GAAP)                               69        358       378
                                               ========= ========= =========
  EBT Margins (Non-GAAP)                          7.0%      15.1%     15.7%
  Acquisition Amortization and Other Costs        (11)      (22)      (22)
  Restructuring Charges                            (4)      (10)      (10)
                                               --------- --------- ---------
Total EBT (GAAP)                                   53        326       346
                                               ========= ========= =========
  EBT Margins (GAAP)                              5.4%      13.8%     14.4%

NOTE: Amounts in this table may not sum to totals due to rounding.


                    Broadridge Financial Solutions, Inc.
                Reconciliation of Non-GAAP to GAAP Measures
                         Fiscal Year 2013 Guidance
                  (In millions, except per share amounts)

                                                               FY13
                                                        Guidance Range (a)
                                                             Low High
                                                       --------------------
Adjusted Earnings from Continuing Operations before
 Income Taxes (Non-GAAP)                               $     358  $     378

  Acquisition Amortization and Other Costs                   (22)       (22)
  Restructuring Charges                                      (10)       (10)

                                                       ---------  ---------

Earnings from Continuing Operations before Income
 Taxes (GAAP)                                          $     326  $     346
                                                       =========  =========

Pre-tax Margins (Non-GAAP)                                  15.1%      15.7%
Pre-tax Margins (GAAP)                                      13.8%      14.4%

                                                               FY13
                                                        Guidance Range (a)
                                                             Low High
                                                       --------------------
Adjusted Diluted EPS from Continuing Operations (Non-
 GAAP)                                                 $    1.76  $    1.86

  Acquisition Amortization and Other Costs                 (0.11)     (0.11)
  Restructuring Charges                                    (0.05)     (0.05)

                                                       ---------  ---------

Diluted EPS from Continuing Operations (GAAP)          $    1.60  $    1.70
                                                       =========  =========

(a) Guidance does not take into consideration the effect of any future acquisitions, additional debt and/or share repurchases.


                    Broadridge Financial Solutions, Inc.
                Reconciliation of Non-GAAP to GAAP Measures
                               Free Cash Flow
                               (In millions)

                                              Q2 YTD           FY13
                                               FY13     Guidance Range (a)

                                              Actual      Low        High
                                            ---------  ---------  ---------
Net Earnings from Continuing Operations
 (GAAP)                                     $      34  $     205  $     218
  Depreciation and amortization (includes
   other LT assets)                                48         95        105
  Stock-based compensation expense                 13         31         31
  Other                                            (5)        (5)         5
                                            ---------  ---------  ---------
Subtotal                                           90        326        359

  Working capital changes                          (1)       (15)       (15)
  Long-term assets & liabilities changes          (15)       (60)       (50)
                                            ---------  ---------  ---------

Net cash flow provided by continuing
 operating activities                              74        251        294

Cash Flows From Investing Activities
  Capital expenditures and software
   purchases                                      (19)       (55)       (45)
                                            ---------  ---------  ---------

Free cash flow (Non-GAAP)                   $      55  $     196  $     249
                                            =========  =========  =========

(a) Guidance does not take into consideration the effect of any future acquisitions, additional debt and/or share repurchases.

Contact Information
Investors:
David Ng
Broadridge Financial Solutions, Inc.
Senior Director, Investor Relations
(516) 472-5491

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ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.